Riyadh – Mubasher: BinDawood Holding could price its initial public offering (IPO) at the top of its range after a bookrunner note said investors bidding below SAR 96 ($25.60) may not get an allocation, Reuters reported on Monday.
Last week, the supermarket retailer set an indicative share price for its IPO between SAR 84 to SAR 96 in the offering. BinDawood will sell 20% of the company by selling existing shares. At the top of the range, the firm could raise as much as SAR 2.19 billion ($584 million) in a Riyadh listing.
The company's IPO books were covered as of 14 September, throughout the price range, indicating demand for shares exceeded the deal size.
BinDawood Holding owns the BinDawood and Danube retail chains and manages 73 hypermarkets and supermarkets in major Saudi cities, including Makkah, Medina, Jeddah, Riyadh, and Dammam.
The BinDawood supermarket chain is focused on the middle-income customers and Muslim pilgrims in the kingdom, while the Danube chain is focused on wealthier customers.
